UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Autoliv Following Q1 EPS

In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Autoliv ALV, and slightly raised the price target from $68.00 to $69.00. In the report, Poole noted, “ALV reported Q1 EPS of $1.32 vs DBe / consensus of $1.22 / $1.20. Revenue of $2.135bn (-2% yoy total / -1% organic) was ahead of Autoliv's guidance of a 4% yoy decline (total and organic). Operating margin of 8.8% beat guidance of ~8%. Versus our expectations, the $17MM of EBIT upside was roughly an even split between 25% conversion on $40MM of higher revenue and $7MM of lower SG&A / R&D. On a YOY basis, margin was down 120bp's with higher YOY fixed manufacturing costs (largely add'l facilities for future growth in active safety) the biggest driver. We maintain Hold rating on valuation.” Autoliv closed on Friday at $75.09.